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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Consolidated Balance Sheets
The carrying values of the Company's total assets and liabilities related to the 2021-FL1 CLO and LMF 2023-1 Financing at June 30, 2024 and December 31, 2023 included the following VIE assets and liabilities:

ASSETSJune 30, 2024December 31, 2023
Cash, cash equivalents and restricted cash$1,457,577 $270,217 
Accrued interest receivable7,427,539 8,588,805 
Investment related receivable33,360,000 — 
Loans held for investment, net of allowance for credit losses1,186,847,181 1,375,277,312 
Total Assets$1,229,092,297 $1,384,136,334 
LIABILITIES
Accrued interest payable$3,297,564 $3,996,538 
Collateralized loan obligations and secured financings(1)
995,895,094 1,146,210,752 
Total Liabilities$999,192,658 $1,150,207,290 
Equity229,899,639 233,929,044 
Total liabilities and equity$1,229,092,297 $1,384,136,334 

(1)     The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is June 14, 2039 for the 2021-FL1 CLO and the stated maturity of the secured financing per the terms of the underlying indenture is July 20, 2032.
Schedule of Loan and Borrowing Characteristics
The following tables present certain loan and borrowing characteristics of the 2021-F1 CLO and LMF 2023-1 Financing as of June 30, 2024 and December 31, 2023:

As of June 30, 2024
Collateralized Loan Obligations/FinancingsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)78$1,201,753,001 $1,186,847,181 
8.92%
Financing provided2$999,367,019 $995,895,094 
7.42%

As of December 31, 2023
Collateralized Loan Obligations/FinancingsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)87$1,388,495,984 $1,375,277,312 
8.91%
Financing provided2$1,151,450,000 $1,146,210,752 
7.35%

(1)     The carrying value of the collateral is net of unaccreted purchase discounts of $5,712,646 and $7,159,664 as of June 30, 2024 and December 31, 2023, respectively. The carrying value for the 2021-FL1 CLO is net of debt issuance costs of $651,034 and $1,911,547 for June 30, 2024 and December 31, 2023, respectively and the carrying value for LMF 2023-1 Financing is net of debt issuance costs of $2,820,891 and 3,327,701 for June 30, 2024 and December 31, 2023, respectively.
(2)    Weighted average coupon for loan investments assumes applicable 30-day Term SOFR of 5.33% as of June 30, 2024 and December 31, 2023, respectively, inclusive of weighted average interest rate floors of 0.42% and 0.38%, and spreads of 3.59% and 3.54%, respectively. Weighted average coupon for the financings assumes applicable 30-day Term SOFR of 5.33% and 5.36% as of June 30, 2024 and December 31, 2023, respectively and spreads of 2.10% and 1.99% for June 30, 2024 and December 31, 2023, respectively.
Schedule of Condensed Consolidated Statements of Operations
The statement of operations related to the 2021-FL1 CLO and LMF 2023-1 Financing for the three and six months ended June 30, 2024 and June 30, 2023 include the following income and expense items:

Statements of OperationsThree Months Ended June 30, 2024Three Months Ended June 30, 2023
Interest income$28,931,987 $21,530,481 
Interest expense(20,178,657)(14,199,861)
     Net interest income$8,753,330 $7,330,620 
Less:
Provision for credit losses(1,376,712)(522,003)
General and administrative fees(266,102)(181,894)
     Net income$7,110,516 $6,626,723 
Statements of OperationsSix Months Ended June 30, 2024Six Months Ended June 30, 2023
Interest income$60,312,921 $42,328,890 
Interest expense(41,690,411)(27,232,907)
Net interest income$18,622,510 $15,095,983 
Less:
Provision for credit losses(3,134,168)(507,787)
General and administrative fees(512,848)(325,243)
Net income$14,975,494 $14,262,953